Transcript for By The Numbers: Economic Impact for Millenials
While the economic downturn has devastated many Americans it may hit one generation a hardest millennial. Let's take a look by the numbers factoring in the current crisis in generation born from 1981 to 1996. Is now experienced slower economic growth than any other generation in American history that's according to analysis by the Washington Post of federal government Dana. In March and April is a pandemic can't millennial employment dropped by 16%. That's faster than that of Generation X. or baby boomers. The American economy stood at 131. Million jobs after April's loss is putting the country back where it wasn't 2000. When many millennia l.'s first began entering the workforce. Formally males who enter their prime working years through 9/11 as well as the Great Recession the impact is long lasting with lower lifetime earnings and wealth. One economist found that the average millennial lost 13% of their earnings between 2000 time in 2017. And the let heels never recovered the pre recession earning levels. While baby boomers did. And reserve data shows that Milan heels they have virtually zero net real estate wealth given their marrying and buying homes later. Millennial story minorities are hit even harder but federal data does show the millennial. Do you spend within their means more than gen X or baby boomers did at the same age. And more Rolling Hills have started saving for retirement in their thirties in previous generations.
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